Business
Optex Systems Holdings, Inc. Announces Second Quarter of Fiscal Year 2020 Financial Highlights
RICHARDSON, TX / ACCESSWIRE / May 13, 2020 / Optex Systems Holdings, Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for
About this update from Optex Systems Holdings, Inc.
[{"type":"text","content":"RICHARDSON, TX / ACCESSWIRE / May 13, 2020 / Optex Systems Holdings, Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, announced financial highlights for its second quarter of the 2020 fiscal year, which ended March 29, 2020.Our three and six month period ending March 29, 2020 was slightly below the prior year period revenue. We anticipate higher revenue during the second half of the fiscal year as we ship against our prior year ICWS contract during the next three months, combined with increased deliveries on our acrylic periscope products. Our gross margin, operating income and adjusted EBITDA decreased during the three and six months as compared to the prior year due to changes in product mix between segments and product lines. We anticipate a shift in the second half with higher revenues with increased profitability on product mix.Optex Systems Holdings, Inc. is defined as essential critical infrastructure as a defense contractor under the guidance of the federal, state and local authorities for both our Optex Systems (Richardson, TX), and Applied Optics Center (Dallas, TX) operating segments. As such, the Company continues to remain open during the COVID-19 shelter in place orders and closures. To date, we have experienced minimal disruption as a result of the pandemic. While we anticipate the possibility of some unforeseen operational impacts during the next six to twelve months related to travel restrictions, illness, or interruptions with our customer or supply chain, we believe we are in a strong position to mitigate any significant adverse financial impacts to the current fiscal year ending September 27, 2020.Our key performance measures for the three and six months ended March 29, 2020 and March 31, 2019 are summarized below. (Thousands) Three months ended Six months ended Metric March 29, 2020 March 31, 2019 % Change March 29, 2020 March 31, 2019 % Change Revenue $ 6,947 $ 7,088 (2.0) $ 12,833 $ 12,979 (1.1)Gross Margin $ 1,619 $ 1,981 (18.3) $ 3,086 $ 3,423 (9.8)Gross Margin % 23.3% 27.9% (16.5) 24.0% 26.4% (9.1) Operating Income $ 781 $ 1,182 (33.9) $ 1,499 $ 1,881 (20.3)Gain (Loss) on Change Fair Value of Warrants $ 1,332 $ (1,932) (168.9) $ 81 $ (547) (114.8)Net Income (Loss) Applicable to Common Shareholders $ 1,311 $ (...